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Complete transparency

The insurance industry in the UK as a whole seems to have gained itself a bit of a reputation. Now this could be for a number of reasons of course, however it would seem that with an increase of complaints last year by 6% the majority of issues relate to sales practice.

This appears to be an area of the industry that can either be prone to misinterpretation or perhaps a lack of clarity. This is why Heritage Classic Car Insurance are openly sharing our administration fees without you having to run through sitemaps, request the information, or scroll through hefty terms and conditions documents before you get your answer.

We have our set fees below to ensure that every customer is treated equally. No person should have to pay a higher administration fee than the last customer, or incur additional charges that aren’t clearly stated. We strongly believe in a clear and open structure so that you can better understand why we charge these fees and why they needn’t go up or down dependant on the customer.

Why do we charge fees?

There is a cost to the business for processing the insurance documents.
We apply administration charges to insurance policies to cover the costs incurred in setting up or making a change to a policy. When a customer makes a policy change there is a cost associated with processing and analysing the information. Including but not limited to, creating the documentation, adding the information to the specific insurer’s database and producing insurance certification.

When a customer makes a policy change there can be a cost associated. Administrative time is required as changes such as a new address or occupation will alter the risk and result in a premium recalculation. In addition, when such changes are made here at Heritage, we search our panel of insurers to see whether a different insurer will offer a cheaper premium. If we didn’t apply an individual charge for changes, premiums would increase for all.

Why do we charge set fees?

To make everything transparent and fair for our customers
Whether you own a Ferrari Dino or a Rover P6 it takes the same time for us to make administration changes. So why would we charge you more? We don’t believe it is ethical to increase the charge based on the premium. This is why our fees are set for everyone from the moment you join us all the way through to the renewal.

Why is this different?

Completely clear at all times without any hidden charges
We want you to know what to expect.  It is unethical to charge an exorbitant amount for an amendment. We want to take away the confusion of insurance to help our customers. We don’t believe you should be charged more for a higher value vehicle, for us to spend the same time on administration as we would for a smaller premium.

As a broker, Heritage Classic Car Insurance understand that clarity and consistency needs to be the order of the day. We treat our new and our existing customers the same ensuring everyone gets the same treatment. If we get a discount we even pass this onto our customers.

Heritage Insurance Administration Fees:

New Business fee setup£25.00
Transferred New Business fee setup
Mid term adjustment
Cancellation before Inception Date
Cancellation during cooling off
Cancellation after cooling off
£25.00 plus commission
All Risk affecting* MTA (excluding upgrading from MV to AV)
Upgrading from Market Value to Agreed Value
Duplicate documents (Post)
Duplicate documents (email)
Credit card fee
2% of premium paid via card

Are there other costs incurred?

If you were to cancel your policy before the policy renewal is due, this will incur additional costs. As mentioned, we at Heritage do charge a cancellation fee, but you will also have to pay for the time on cover for that vehicle. Depending on why you want to cancel the policy, you may find that the insurance will refund you based on either Short Period Scale, or Pro-Rata. For example, if you are cancelling a policy as you’ve sourced a better quote with another insurance provider, then you are cancelling the annual agreement with the insurer. This will incur higher charges on the short period scale. For example you could get charged up to 30% for a maximum of 30 days of insurance taken out.

If you cancel for reasons outside of your control, for instance, the insurance provider can no longer cover the vehicle, then you will be charged on a Pro-Rata basis. This is because they cannot offer the cover you require. If you were on cover for a month, then you would receive an 11 month refund. You only get charged for the time you are on cover.

If you pay via installments then you may also incur a charge for the cancellation of this setup. You will be charged the interest up to the date you cancel.

Why are there costs for cancelling?

You are entering an annual agreement with the insurer. Like any contract, if you choose to cancel, then you do have to accept the charges. For instance, if you failed to pay your credit card or paid in full early, you will typically be charged for these times. As insurance companies calculate the risks involved and create an account for the user, there is additional time now needed to cancel the policy. This cost is not built in to the agreed annual policy and therefore additional costs may be incurred to prevent the insurer from making a loss. Otherwise it could lead to higher premiums all round for vehicle owners.

Cooling-off period

If you are not quite sure whether you want to continue being on cover with Heritage Insurance, or any insurance company, you can cancel within the cooling off period. This is, by law, a minimum of 14 days in the UK. You will still be charged for the time the vehicle was on cover, as you may have driven the vehicle during that time. Insurance brokers can ask for a charge additionally, however Heritage Insurance Brokers do not.

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Heritage Insurance Brokers is a brand name of Norton Insurance Brokers Limited which is authorised and regulated by the Financial Conduct Authority (FRN 769110). Norton Insurance Brokers Limited is registered in England & Wales, company number 09908568.

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